Author: Legal Parivar

Bihar-based BMW Ventures, a distributor of long and flat steel products, is set to launch its initial public offering (IPO) next week. The issue will open for subscription on September 24 and close on September 26. The IPO consists entirely of a fresh issue of 2.34 crore equity shares, with proceeds flowing directly to the company. The funds will be primarily used to reduce debt, as the company had consolidated borrowings of Rs 428.38 crore as of March 2025. Out of the proceeds, Rs 173.75 crore will go toward repayment of loans, while the remaining amount will be allocated to…

A senior US administration official has clarified that the newly announced $100,000 annual fee for H-1B visas will be applicable only to fresh petitions, not to existing visa holders or renewals. The clarification eases concerns among thousands of Indian professionals working in the United States. The official confirmed that those already on H-1B visas — including individuals currently travelling abroad or visiting India — will not be required to return to the US before the rule takes effect. “Those who are visiting or leaving the country don’t need to rush back before Sunday or pay the $100,000 fee. It is…

The Union government has announced a reduction in the goods and services tax (GST) on cement from 28% to 18%, a move expected to stimulate demand ahead of the festive season and reduce costs for developers and infrastructure players. Cement demand and pricing had already recovered in the first quarter of the ongoing fiscal, but industry analysts note that further growth is needed for cement makers to sustain margins, especially after recent mergers and acquisitions among top companies. Industry reports indicate cement demand rose by around 8% to 120 million tonnes in the first quarter. For FY26, market estimates project…

In a significant relief for policyholders, the Goods and Services Tax (GST) Council on Wednesday approved a complete exemption of GST on health and life insurance premiums. The decision, announced by Union Finance Minister Nirmala Sitharaman after chairing the 56th Council meeting, will take effect from September 22, 2025, coinciding with the start of Navratri. Currently, insurance premiums attract 18% GST. With the exemption, premiums are expected to become more affordable. HSBC Securities and Capital Markets (India) estimates health insurance premiums could fall by about 15%, although the actual benefit passed on will depend on insurers’ expense ratios. The move,…

The Goods and Services Tax (GST Council), in its 56th meeting on September 3, announced sweeping changes to the automobile tax structure, offering relief to small car buyers while tightening levies on hybrids, luxury vehicles, and big motorcycles. The revised rates will come into effect from September 22, 2025. Relief for Small Cars Small cars — long considered the backbone of India’s auto market — received the biggest benefit. Petrol, CNG, and LPG cars with engines up to 1200cc and length under four metres will now attract 18% GST, down from 28%. Diesel cars with engines up to 1500cc in…

The GST Council has unveiled a landmark tax reform, effectively changing the landscape of India’s Goods and Services Tax (GST) with the introduction of just two simplified rates: 5% and 18%. This reform eliminates the previous 12% and 28% slabs, bringing relief to millions of consumers and businesses as prices on thousands of items are set to decline from September 22, 2025. Government Statement and Rationale Finance Minister Nirmala Sitharaman highlighted the initiative as a “structural reform” aimed at making GST compliance easier and slashing costs for everyday essentials. Rates on nearly all commonly used items, except for select luxury and sin goods…

The 56th meeting of the Goods and Services Tax (GST Council), chaired by Union Finance Minister Nirmala Sitharaman, concluded on Wednesday with major tax relief measures for consumers and businesses. Sitharaman announced that GST rates have been significantly reduced on items of daily use to ease the burden on the common man and middle-class households. Key highlights: In a big health relief, the FM said 33 life-saving drugs, including those used for cancer and rare diseases, will now attract zero GST. Spectacles and vision-correcting goggles have also been cut from 28% to 5%. The agriculture sector received a boost with…

Odisha-based Nilachal Carbo Metalicks, a producer of ferro-alloy grade low ash metallurgical (LAM) coke, will open its initial public offering (IPO) for subscription on September 8, closing on September 10. The company plans to list its shares on the BSE SME platform from September 15, with allotment to be finalized by September 11. The IPO is a fixed price issue with an offer price of Rs 85 per share. The IPO comprises 66 lakh shares, including a fresh issue of 26 lakh shares worth Rs 22.1 crore, and an offer-for-sale of 40 lakh shares worth Rs 34 crore by Kajal…

As the 56th GST Council meeting concluded in Delhi on Wednesday, Jharkhand Finance Minister Radhakrishna Kishore warned that the proposed GST reforms could result in an annual revenue loss of around Rs 2,000 crore for the state. He urged the central government to provide compensation for the estimated shortfall. Kishore highlighted that the revenue loss would primarily impact Jharkhand’s automobile, cement, and other manufacturing sectors. He noted that Jharkhand, being a manufacturing state, has been adversely affected by the GST system, which has weakened its internal revenue collection. “Jharkhand’s per capita income is Rs 1.05 lakh per year. Due to…

The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, commenced on September 3 and is scheduled to conclude on September 4. The Council is reviewing tax reforms aimed at reducing GST rates on common-use goods and restructuring slabs for various products. Here are 10 key points from the discussions: The Council’s announcements are expected to significantly impact pricing across multiple sectors, ranging from daily essentials to luxury goods, providing relief to consumers while maintaining higher taxes on premium products.